证券研究报告|行业研究周报 [Table_Date] 2025 年 12 月 28 日 [Table_Title] 太空算力新基建—太阳翼 计算机行业周报 [Table_Title2] 本周观点 （一）柔性太阳翼助力大规模星座建设 2025 年 12 月 26 日，长征八号甲于海南商业航天发射场成功发射 卫星互联网低轨 17 组卫星，任务隶属中国星网（GW）星座。该 发射场 2025 年发射成功率 100%，并计划 2026 年执行 20 至 30 次 发射。 国网星座规划约 1.3 万颗卫星，采用高低轨协同双层设计，旨在 提供低时延通信与高分辨率对地观测服务。低轨卫星运行在200- 2000 公里轨道，是构建卫星互联网的核心。在此背景下，柔性太 阳翼因能解决大发电面积与小收纳体积的矛盾，成为关键发展方 向。其重量可减轻 20%-40%，收纳体积缩小 60%以上，展开面积 显著扩大。 中国已发展出刚性、半刚性和柔性太阳翼。中国空间站应用了柔 性太阳翼，并采用世界首创的"二次展开"技术。风云四号 03 星采用独特的 T 型"单翅膀"太阳翼设计。银河航天成功发射了 全球首颗搭载卷式全柔性太阳翼的卫星，其可卷绕、高 ...

0:00 回望2025，走过不平凡发展历程的中国经济，沿着高质量发展道路笃定前行，交出一份含新量、含绿量、含金量更高的答卷，在 持续向好中展现出强大韧性和活力。 2025年5月4日，人们在浙江省杭州市文三数字生活街区的AI黑科技市集上体验DeepSeek的人工智能大模型。新华社发（龙巍 摄） 科技和产业融合创新持续深化，更多创新成果从"实验室"走到"生产线"，创新"势能"向经济"动能"不断转化。 "十五五"即将开启，深入贯彻落实中央经济工作会议部署，以科技创新为引领、以实体经济为根基，坚持智能化、绿色化、融合 化方向，必将推动现代化产业体系建设不断迈出新步伐。 今年以来，我国持续加大创新投入，众多科技领域实现突破。9月，中国首次跻身全球创新指数前十，24个创新集群成为全球百 强，入围数量连续3年居全球首位。 2025年8月6日，揽月月面着陆器着陆起飞综合验证试验在位于河北省怀来县的地外天体着陆试验场圆满完成。这是揽月月面着陆 器在地外天体着陆试验场进行测试（资料照片）。新华社发（刘永婧 摄） 2025年11月6日，在第八届进博会宇树科技展台，人形机器人进行格斗表演。新华社记者 蔡湘鑫 摄 2025年3月26日 ...

"这不好。"当白银价格单周暴涨17%逼近80美元/盎司时，马斯克在X平台发出的警告像一记闷雷。这位同时掌管特斯拉和SpaceX的实业家，看到的不是投资 客狂欢的K线图，而是全球工厂即将停摆的红色警报——纽约商品交易所白银库存较2020年暴跌70%，部分地区的实物库存仅能维持30天。 伦敦金库的白银储备较峰值缩水40%，上海库存跌至十年最低。按照当前工业消耗速度，某些地区的供应链可能在45天内断裂。这种危机不同于黄金的避险 属性炒作，而是赤裸裸的生存危机——太阳能面板厂商不得不将每瓦成本提高0.12美元，医疗设备制造商开始限量接单。 更令人不安的是供应端的刚性困局。全球白银年需求量已达12.4亿盎司，但矿场仅能产出10.1亿盎司，缺口相当于整个欧洲工业三年的用量。由于白银70% 产量来自铜锌矿的伴生开采，新建矿山需要十年周期，而现有矿石品位正以每年1.5%的速度下降。回收产业链即便开足马力，也只能填补缺口的三分之 一。 马斯克们VS华尔街：实业与金融的终极对决 当投机客为周线图上的长阳线欢呼时，制造业巨头们正在秘密会议室里计算着成本失控的代价。白银在光伏电池中的用量占组件成本8%，在高端医疗器械 中占比更高达1 ...

多年前 ，在风险投资家和收购大亨们开始大举注资之前，上市对于雄心勃勃的企业来说是显而易见的选择。股票上市既能为初创企业提供资金（得益于 雄厚的资本池），又能带来声望（源于愿意接受数百万投资者的审视）。 即使不涉足股市，企业估值也可能超过1000亿美元：Lidl凭借廉价食品做到了这一点，Mars凭借糖果做到了，Cargill销售Mars巧克力棒的原 料做到了，海湾地区和中国的自然资源公司开采一些不太容易消化的商品，Vitol和Trafigura则交易这些商品。但如果你追求的是爆炸式增长， 真正的火箭燃料却来自公开市场。 或许情况依然如此。最近有报道称 ，埃隆·马斯克创立的火箭和卫星公司 SpaceX正在与投资银行家洽谈，计划最早于明年进行首次公开募股， 估值可能高达1.5万亿美元。本月初，人工智能领域的宠儿 Anthropic 公司也被传正在考虑上市，该公司在最近一轮融资中估值约为1800亿美 元。SpaceX或许想抢在 OpenAI之前上市，后者 是人工智能 热潮的代名词 ，估值高达5000亿美元，据传OpenAI也越来越倾向于IPO。 这些交易中的任何一笔都可能成为自 2014年中国电商巨头 阿里巴巴在纽约 ...

回望即将落幕的2025年，一系列标志性商业事件，为这一年刻下了清晰而深刻的时代注脚。 AI竞赛全面升温。白宫点燃"星际之门"，5000亿美元豪赌美国AI底座；CoreWeave把算力租赁送上资本秤盘；OpenAI虽未上市，却以订单与叙事 撬动万亿市值起伏，成为市场的"影子巨头"。 到5月， 多家媒体称项目"陷入停滞"。5000亿美元尚未锁定，原定夏季装机节点推迟。为保障ChatGPT算力，OpenAI已绕开软银，自行签约第三 方数据中心，"联盟项目"被迫让位于现实需求。7月， 目标进一步缩水。公司将2025年目标下调为"年底前在俄亥俄州建成一座小型试点中心"， 与年初"千亿立即到位"的承诺形成强烈反差，"保壳式推进"成为新基调。 10月30日， 项目宣布在密歇根州Saline镇新建1GW园区，作为对"4.5GW总盘子"的象征性兑现，预计2026年初动工。规模仍在，但已明显低于最 初蓝图。11月， 融资与补链同步推进：Blue Owl提供30亿美元股权加180亿美元银团贷款；同月，软银以65亿美元现金收购服务器芯片公司 Ampere，为后续供应链"补票"。 进入12月，阿比林成为唯一实质性进展。4栋机房已封顶， ...

Group 1 - The "Stargate" project, a $500 billion investment in AI infrastructure, was announced by the White House, aiming to build 20 large-scale AI data centers across the U.S. [2][3] - Initial enthusiasm for the project waned as disagreements over equity and funding emerged between SoftBank and OpenAI, leading to delays and a reduction in project scope [3][4] - By December, only the Abilene site showed significant progress, with plans to become the largest AI cluster by mid-2026, while other sites remained unconfirmed [3][4] Group 2 - CoreWeave went public with a valuation of approximately $230 billion, marking the first public market pricing of AI compute leasing [4][7] - The company transitioned from a cryptocurrency mining operation to a GPU cloud service, securing long-term contracts with major clients, including OpenAI [7][8] - CoreWeave's success has prompted similar companies to pursue IPOs and has changed the perception of compute power from a scarce resource to a flexible asset [8] Group 3 - NVIDIA became the first company to reach a market capitalization of $5 trillion, driven by the demand for GPUs in AI applications [20][22] - The company's stock price surged approximately 90% over six months, reflecting its pivotal role in the AI market [22][23] - Concerns about the sustainability of NVIDIA's valuation have emerged, drawing parallels to the dot-com bubble [22][23] Group 4 - Warren Buffett announced his retirement in his final letter to shareholders, marking the end of an era for Berkshire Hathaway [24][25] - Buffett emphasized the importance of long-term thinking in business and criticized the competitive nature of executive compensation [25][26] Group 5 - SpaceX completed 155 launches in 2025, redefining the concept of scalable space operations [26][27] - The company achieved significant cost reductions through reusable rocket technology, transforming rockets into "turnaround assets" [27][28] - SpaceX is moving towards an IPO, signaling a shift from engineering marvels to industrial-scale operations in commercial space [30] Group 6 - Germany revised its 2035 ban on internal combustion engines, allowing for a transition period that reflects market realities [31][32] - The decision was influenced by lobbying from major automotive companies and highlighted the gap between aggressive climate goals and actual market conditions [31][32] Group 7 - Alphabet's market capitalization rose to $3.8 trillion, driven by advancements in AI technology and a focus on self-developed chips and models [34][36] - The company aims to challenge NVIDIA's dominance by enhancing the compatibility of its TPU with popular frameworks and directly selling its hardware [34][35] - The competition in AI is shifting towards cost efficiency and usability, with Alphabet positioning itself as a potential leader in the new AI platform landscape [35][36] Group 8 - NVIDIA acquired Groq's core technology for approximately $20 billion, emphasizing the importance of low-latency inference capabilities in AI [37][39] - This strategic move reflects a shift in focus from training to inference, as companies seek to optimize costs and efficiency in AI applications [39]

本周，商业航天概念表现出色，多只股连续涨停，上证指数走出了8连阳。在周五晚，国际黄金、白银、铜飙升，再创历史新高。其中伦敦现货白银、 钯、铂金一日大涨10%左右。 在每日经济新闻App举办的掘金大赛中，第80期比赛于12月15日开赛以来，多位选手跑步入场，取得不错的收益。目前商业航天概念可能步入高潮，A股 涨价题材能否站上风口？参赛高手怎么看呢？今日他们做了一些分享。 大赛为模拟炒股，模拟资金50万元。掘金大赛第80期比赛的报名时间为12月13日到12月31日，比赛时间为12月15日到12月31日。每期比赛结束，正收益 就获现金奖励！报名就拿福利！冲刺月度积分王大奖！ 每期比赛的税前现金奖励为：第1名奖励688元，第2~4名奖励188元/人，第5~10名奖励88元/人，其余正收益选手均分500元正收益奖。月度积分王的税前 现金奖励为：第1名奖励888元，第2~4名奖励288元/人，第5~10名奖励188元/人，第11~30名奖励68元/人，第31~100名奖励18元/人。 目前，上证指数走出了新一波上升浪，为便于参赛选手提高交易胜率，只要成功报名掘金大赛，就能获得每日经济新闻App私人订制的"火线快评"6个交 ...

Group 1 - ASUS has denied rumors about entering DRAM manufacturing to address global memory shortages, clarifying that there are no plans to invest in memory wafer factories [2] - China's first 1 million kilowatt offshore photovoltaic project, located in Dongying, Shandong, has successfully connected to the grid, making it the largest open sea photovoltaic project globally [2] - Kawasaki Heavy Industries has been banned from participating in tenders for 2.5 months due to data falsification regarding fuel efficiency in submarine engines for the Japan Maritime Self-Defense Force [2] - The Long March 3B rocket series has completed its 2025 launch tasks, achieving a record of 15 launches in a year, surpassing the previous record of 14 launches [2]

3月 2月 1月 ●四川和湖北携手，创新打造"长江班列+汉亚直航"国际多式联运通道 ●四川在全省范围内实现生育住院费用省内异地直接结算 ●位于阿坝州汶川县卧龙自然保护区的中华大熊猫苑在升级施工后对游客开放 ●成都天府国际空港综合保税区获批复设立，四川省内综保区数量升至6个 ●川渝地区与粤港澳大湾区间首次常态化开行夜间动卧列车 ●四川冰雪和温泉旅游节启幕，邀请八方游客"来四川，过大年" ●四川出台《关于进一步加强"校园餐"突出问题治理的工作方案》 ●首枚"四川造"民营商业运载火箭发射成功 ●《2025年全省30件民生实事实施方案》印发 ●川渝两省市2025年计划共建320个重点项目名单发布 ●蛇年春节假期，6372.22万人次游四川 ●"四川造"电影《哪吒2》刷新中国影史春节档最高票房纪录 ●向家坝灌区一期工程通水 ●四川印发《关于支持光伏制造业持续健康发展的若干措施》 ●四川实现183个县（市、区）博物馆全覆盖 ●一季度重大项目数量和投资额创历年之最，总投资额首破万亿元 ●四川运动员第九届亚冬会收获1金1银2铜 ●四川省级层面首家专业化数据集团落地 ●提质改造后的成都双流国际机场恢复运行 ●由川投集团、省能投 ...

Core Insights - By 2025, China is expected to achieve significant breakthroughs in various scientific fields, including quantum technology and lunar research, contributing to the nation's technological self-reliance and innovation [3][5]. Group 1: Space Exploration - The Chang'e 6 mission is set to return samples from the moon's far side, revealing new insights into lunar oxidation mechanisms and marking a major scientific breakthrough in lunar research [4]. - The Tianwen-2 probe will conduct close-range exploration of a near-Earth asteroid, with a sample return expected by the end of 2027, indicating a shift towards long-term space exploration and resource utilization [4]. - China plans to advance its lunar research station, manned lunar missions, Mars sample return, and Jupiter system exploration, enhancing its capabilities in deep space exploration [4]. Group 2: Quantum Computing - Quantum computing is identified as a critical future technology, with China focusing on achieving full autonomy in quantum computing through the development of hardware and software systems [7]. - The third-generation superconducting quantum computer "Benyuan Wukong" has been launched, participating in numerous collaborations across key industries and achieving international cooperation in quantum computing [8]. - The development of quantum computing is likened to building a rocket, emphasizing the importance of integrating hardware and software for effective functionality [7]. Group 3: Brain-Computer Interfaces - Brain-computer interface technology is evolving to connect biological intelligence with machine intelligence, utilizing advanced decoding and encoding techniques to interpret brain signals [9]. - Clinical advancements in brain-computer interfaces are being made, with the establishment of comprehensive clinical trial centers and the initiation of global trials [11]. - The technology aims to redefine the boundaries of intelligence by merging carbon-based and silicon-based systems, enhancing cognitive capabilities [10]. Group 4: Digital Intelligence Technologies - Digital intelligence technologies, including cloud computing and artificial intelligence, are seen as essential tools for enhancing innovation across various industries [13]. - The integration of digital technologies into industrial processes is expected to significantly improve production efficiency and transform manufacturing paradigms [13]. - Open collaboration and resource sharing are highlighted as accelerators for technological advancement, contributing to global challenges [14]. Group 5: Hydrogen Energy - Hydrogen energy is recognized as a vital component of the renewable energy revolution, complementing electricity and supporting sustainable development [16]. - China has made significant progress in hydrogen fuel cell technology and is establishing a related industrial chain to enhance the role of hydrogen in the energy transition [17]. - The future of hydrogen energy will focus on tailored solutions that meet specific regional needs, ensuring its benefits for society [16]. Group 6: Research Talent Development - Universities are positioned as key players in nurturing research talent, aligning educational programs with national strategic needs [19]. - The emphasis is on practical applications of research, encouraging scientists to engage with industry and address real-world challenges [19]. - A supportive environment for young researchers is essential, promoting innovation and allowing for flexible evaluation of research outcomes [20]. Group 7: Basic Research Support - Basic research in China is gaining increased attention and funding, although it still lags behind developed countries in terms of investment [22]. - Continuous support for basic research is necessary, including funding stability and diverse investment channels to foster groundbreaking discoveries [22][23]. - A positive research culture is crucial for sustaining long-term engagement in basic research, promoting a supportive atmosphere for scientists [23]. Group 8: Science Popularization - The relationship between scientific innovation and public science education is emphasized, with efforts to enhance public understanding of science [24][25]. - Initiatives aimed at improving scientific literacy among youth are seen as foundational for future technological advancements [25][26].